Recently, the ATO has provided some insights on identifying and addressing risks in the SMSF space. While most of the risks the ATO has its sights on consists of mainstays such as identity fraud, investment scams and illegal early access, some new focus areas such as director IDs and winding up of SMSFs are making their first appearance. Trustees responsible for SMSFs will need to ensure that they stay on top of these risks to avoid scams or potential compliance action from the ATO.
Click to read our article: ATO SMSF focus areas for 2023 (0.70 MB PDF)